Germany too reliant on external demand, needs reform now: ECB's Praet

September 20, 2016 4:16 PM

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FRANKFURT Germany should take advantage of the good times to develop its domestic markets because its economy is too reliant on external demand and its trade surplus is an anomaly, European Central Bank Executive Board Member Peter Praet told a French newspaper.

"The country's enormous current account surplus is an anomaly at almost 9 percent of GDP," Praet told L'Opinion in an interview. "Growth is too driven by external demand. Germany has the fiscal space to develop internal demand."